ETF Research Center

The iShares S&P 100 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S. large-cap stocks, as represented by the Standard & Poor's 100 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Oct 27, 2000
Assets (mns)	$5,416
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	102
Wgt avg mkt cap (mns)	$406,681
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	34.9 %
MICROSOFT CORP	6.9 %
APPLE INC	6.8 %
AMAZON.COM INC	4.4 %
FACEBOOK	2.8 %
BERKSHIRE HATHAWAY INC-CL B	2.6 %
JPMORGAN CHASE & CO	2.5 %
ALPHABET INC. CLASS C	2.4 %
ALPHABET INC. CLASS A	2.4 %
JOHNSON & JOHNSON	2.1 %
VISA INC-CLASS A SHARES	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.5 %
	IRELAND	2.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
23.1%	13.9%	10.8%	13.2%	5.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	99%
MSCI EAFE	0.86	63%
MSCI Emg. Mkts.	0.58	48%

Technical Indicators
Recent close	$138.52
30d moving avg.	$135.72
Annualized volatility	12.1%
Short interest (ETF)	1.1%
Short interest (Underlying)	1.5%
Relative strength (RSI)	78

Liquidity measures
Avg. volume (thou.)	395
Turnover	1.0%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$71,728

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P 100 ETF based on the alternatives' overlap in portfolio holdings with OEF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

OEF

Expense:

20 bp

ALTAR Score™:

5.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH OEF
Ticker	Fund Name	Overlap¹ vs OEF (%)	Expense ratio (bp)	Savings vs OEF (bp)	ALTAR Score™ (%)	ALTAR vs OEF (%)
IWL	iShares Russell Top 200	78.4	15	5	5.7	+0.2
XLG	Invesco S&P Top 50	77.7	20	0	5.2	-0.4
PRID	InsightShares LGBT Employment Equality	73.4	65	-45	5.7	+0.2
MGC	Vanguard Mega Cap 300 ETF	72.9	7	13	5.8	+0.3
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	70.2	19	1	5.6	+0.1
SNPE	Xtrackers S&P 500 ESG	69.0	11	9	5.8	+0.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity	66.9	20	0	5.6	+0.1
WOMN	Impact Shares YWCA Women's Empowerment	66.7	75	-55	5.5	-0.1
PBP	Invesco S&P 500 Buy/Write	66.2	49	-29	5.6	+0.0
SPXN	ProShares S&P 500 Ex-Financials	65.9	27	-7	5.9	+0.4
EQWL	Invesco Fundamental Pure Large Core	65.1	25	-5	6.4	+0.9
OQAL	Invesco Russell 1000 Quality Factor ETF	64.6	19	1	5.3	-0.3
HSPX	Global X S&P 500 Covered Call	64.4	65	-45	5.5	-0.1
XOUT	GraniteShares XOUT US Large Cap	64.3	60	-40	5.1	-0.4
ESG	FlexShares STOXX US ESG Impact Index Fund	64.1	32	-12	5.4	-0.1
RECS	Columbia Research Enhanced Core	63.8	15	5	5.9	+0.3
SPXV	ProShares S&P 500 Ex-Health Care	63.7	27	-7	5.7	+0.2
SPY	S&P 500 SPDR	63.6	9	11	5.9	+0.4
SPXE	ProShares S&P 500 Ex-Energy	63.5	27	-7	5.9	+0.4
USMC	Principal U.S. Mega-Cap Multi-Factor Index	63.5	12	8	5.7	+0.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares S&P 100
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.1	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.